For years, “just in time” has been the key to driving efficiency of retailers and manufacturers alike. This model by and large combined low-cost production in Asian markets supported by speedy air carrier distribution to move goods while holding minimal cushion for backup stock. Post-pandemic thinking could bring that epoch to an end. The crisis has underscored our distribution networks’ fragility, which are now vulnerable to closed facilities, ports and borders. Many businesses are planning major restructuring of their supply chain processes due to the disruptions that we all have endured in recent months. The new model based on quick recovery will likely be driven by resiliency that ensures adequate merchandise availability in the event of threats to a business’ supply chain stability. This will require more warehouse and distribution space to store goods for deliveries in last-mile markets. The noticeable effects continue to grow as more last-mile oriented warehouse space is leased closer to the end-user. Industrial users see the impact of the pandemic as a short-term challenge that is altering the long-term growth strategy of their corporate planning. By way of example, Publix’s Southeast store sales climbed 21.8 percent for the second quarter of this year. Grocery now …
CLEARWATER, FLA. — Cedarwood Development has delivered a 585-unit US Storage Centers-branded facility in Clearwater. The self-storage property is situated at 1000 S. Myrtle Ave., 23 miles west of downtown Tampa. Westport Properties Inc. is managing the asset, which features climate-controlled units, passenger elevators, moving carts and drive-up units. The facility comprises 60,000 square feet. This is the first facility in Clearwater for both Fairlawn, Ohio-based Cedarwood Development, which is an affiliate of Cedarwood Cos., and US Storage Centers. US Storage Centers has more than 10 million square feet in its nationwide portfolio.
TAMPA, FLA. — JLL has arranged the $31.8 million sale of Breckenridge Park, a 15-building industrial campus in eastern Tampa. The asset comprises 334,000 square feet and is situated at 5402-5460 Breckenridge Parkway, nine miles east of downtown Tampa. The buildings were developed between 1982 and 1998. Bret Felberg, Jeff Morris, John Dunphy and Peter Cecora of JLL represented the seller, MLG/PF Breckenridge Investment LLC, which is affiliated with MLG Capital. A joint venture partnership between The Arden Group and Avistone purchased the asset. Jillian Mariutti, Brian Gaswirth, Michael DiCosimo and Drew Jennewein, also with JLL, arranged a $26.3 million acquisition loan through BlackRock on behalf of the buyer. The joint venture will use a portion of the proceeds to implement a capital improvement plan.
ORLANDO, FLA. — Newmark Knight Frank (NKF) has arranged the $66 million sale of CODA Apartments, a 296-unit multifamily community in Orlando. The four-story property features studio, one- and two-bedroom floor plans. Communal amenities include a business center, 24-hour fitness center, clubhouse, conference room, pool, sundeck and a game room. CODA Apartments is located at 13645 E. Colonial Drive, 13 miles east of downtown Orlando. Scott Ramey, Erik Bjornson and Patrick Dufour of NKF represented the sellers, Catalyst Multifamily Management and The Carlyle Group, in the transaction. Long Beach, Calif.-based RK Properties acquired the asset, which the sellers delivered in 2019.
MIAMI — Cresa has negotiated a 10,566-square-foot office sublease for Pillsbury Winthrop Shaw Pittman LLP (Pillsbury) in Miami’s Brickell City Centre. Pillsbury, which focuses on the technology and media, energy, financial services, and real estate and construction sectors, has occupied the space at 600 Brickell Ave. since 2017 and will now lease the space until at least 2025. The office space, which is located on the 31st floor, features private restrooms, a conference room, break room with kitchen and a large multipurpose interior with workstations. Bob Orban of Cresa represented the subtenant in the transaction. Nick Wigoda, Clay Sidner and Brandon Shores of Newmark Knight Frank (NKF) represented the tenant, Global Specialty Metals Inc., in the transaction. Brickell City Centre features a 500,000-square-foot, open-air shopping center; a 40,000-square-foot food hall; and five million square feet of office, residential and hotel space in Miami’s Brickell district.
MINNEOLA, FLA. — The Bainbridge Cos. has been selected to manage Minneola Hills, a multifamily community that is under construction in Minneola. VRM Cos. and Skorman Development Corp. are the developers of the asset, which spans 16.5 acres at 450 Hillside Park St., 25 miles west of downtown Orlando. Upon completion, the property will feature 297 units with a mix of one-, two- and three-bedroom floor plans. Communal amenities will include a clubhouse, fitness center, cyber café, dog park and a car washing area. The co-developers expect to deliver the community this winter. Bainbridge Cos. is based in Wellington, Fla., and operates 57 communities in five states and Washington, D.C.
ODESSA, FLA. — The Altman Cos. has opened Altis Grand at the Preserve, a 350-unit multifamily community in Odessa. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, clubhouse, fitness center, pool, spa, playground, laundry facilities and a sundeck. Rents range from $1,245 per month to $2,248 per month. The asset is situated at 2130 Leather Fern Drive, 24 miles north of downtown Tampa. Boca Raton, Fla.-based Altman Cos. manages the property.
LAKE MARY, FLA. — Cushman & Wakefield has negotiated the sale of Innovation Center at Lake Mary, a 562,758-square-foot industrial facility in Lake Mary. The property is located at 2452 Lake Emma Road, 18 miles north of downtown Orlando and three miles from Interstate 4. The asset features 28-foot clear heights, ESFR sprinklers, 50 dock-high doors and a 50-slip trailer parking lot. Innovation Center was 97 percent leased at the time of sale to tenants including recycling center A1 Assets Inc., Alliance Building Material Supply, Orlando Wedding & Party Rentals and Dream Maker Spas. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz, Ryan Jenkins, David Perez and Jared Bonshire of Cushman & Wakefield represented the seller, a partnership between IP Capital Partners and Blue Vista Capital Management, in the transaction. ATCAP Partners acquired the asset. Jason Hochman and Mike Ciadella of Cushman & Wakefield arranged acquisition financing on behalf of the buyer. Terms of the loan and the sale were not disclosed.
For the Orlando retail market, which relies heavily on Central Florida’s $75 billion tourism industry, the impact of the COVID-19 pandemic has been twofold. Not only has the local consumer base begun relying more heavily on online shopping and home-cooked meals, but the number of out-of-state and international visitors who typically travel to Central Florida for its renowned theme parks and attractions has plummeted. Statewide, Florida’s tourism industry suffered an estimated 60.5 percent drop in visitors during the year’s second quarter, with international travel down more than 90 percent, according to Visit Florida. Submarkets built around Walt Disney World, the Orange County Convention Center and Universal Orlando, such as International Drive, the U.S. Highway 192 Corridor and Celebration, have taken an especially hard hit. Many restaurants designed around a sit-down experience will not recover. Although creative solutions are in action, sidewalk seating and ghost kitchens can only generate so much revenue to recover restaurants’ already razor-thin margins. But out of the slump have come opportunities for some retailers to shine, whether they’ve adapted their business model or already happened to have pandemic-resistant infrastructure in place. Further, as the winners and losers of COVID-19-era retail become clear, retailers and restaurants that …
ORLANDO, FLA. — Berkadia has provided a $74 million Freddie Mac refinancing loan for Linden Audubon Park, a 449-unit multifamily community in Orlando. The 10-year loan features a floating interest rate with a partial interest-only payment period. The 19-acre property comprises 12 three- and four-story buildings offering one- to three-bedroom floor plans. Communal amenities include two pools, a poolside bar and TVs, outdoor kitchen, two-story clubhouse, fitness center and a dog park. The asset is situated at 990 Warehouse Road, four miles northeast of downtown Orlando. Charles Foschini and Chris Apone of Berkadia originated the loan on behalf of the borrower, Norfolk, Va.-based Harbor Group International.